Staff report

The Seattle City Council has a tentative agreement with investor Chris Hansen to build a $490 million arena near Safeco Field that may mean the return of the SuperSonics to the city.

The Sonics, of course, were moved from Seattle to Oklahoma City in 2008 — and renamed the Thunder — by owner Clay Bennett after several attempts to build a facility to replace KeyArena were unsuccessful.

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Hansen is a Seattle native, and, according to KING 5-NBC, was a Sonics fan as a kid and has dreamed of bringing the team back to the city.

Under the proposed deal, Hansen, a hedge-fund manager and early investor in Facebook, will contribute $290 million in private money to the project. The city and county will kick in $200 million in public money, which Hansen has promised will be repaid through taxes generated by the arena and rent paid by teams, according to the Seattle Times.

Hansen, over the past year, has purchased $51 million worth of land on which to build an arena.

Hansen, however, must secure an NBA franchise before construction bonds are issued by the city or county, The Times notes.

A revised portion of the agreement calls for $40 million in tax revenue to fund road improvements, as Port of Seattle and manufacturing interests are concerned about traffic and logistical issues the arena may create. Hansen also agreed to fund $7 million in KeyArena improvements, KING 5 notes. The Times reports Hansen may be required to buy the arena and land for $200 million after it is paid off in 30 years, so the city is not saddled with another obsolete sports facility.

Said Seattle Mayor Mike McGinn, “I welcome the news that the City Council has decided to support bringing basketball back to Seattle. ... The City Council was the last piece of the puzzle. We haven’t gotten a team yet, but Sonics fans have a reason to smile today.”

While the agreement still needs the approval of the full city council, both The Times and KING 5 report there are enough votes for the deal to pass.